LI - Tesla hits 2023 high as winning streak extends

2023-06-07 16:40:04 ET

Tesla ( NASDAQ: TSLA ) kept its recent winning streak alive on Wednesday with a 1.47% gain amid a strong day overall for the electric vehicle sector and tech-related stocks. The U.S. auto stock traded at a seven-month high earlier in the session.

The Austin-based company received some positive news on Wednesday when the EPA confirmed that all versions of the Model 3 sedan now qualify for the full federal EV tax credit of $7.5K. Earlier in the year, the Treasury Department outlined stricter sourcing requirements for the critical minerals and battery components automakers must use in EV batteries to ensure eligibility for the full $7,500 credit.

Tesla ( TSLA ) is now in the last couple of weeks of its typical late-quarter push to boost deliveries. That means eyes will turn toward the latest trends in China. Fresh data from the China Passenger Car Association indicated that Tesla's ( TSLA ) tally for May of 77,796 EVs delivered was more than the combined total of XPeng ( XPEV ), Li Auto ( LI ), and Nio ( NIO ). With China being a major part of the Tesla growth story, CEO Elon Musk made his first trip to the nation in three years last week to meet senior Chinese officials. Musk also visited the Shanghai Gigafactory.

More on Tesla:

• Teslas (Mostly) Drive Themselves
• Price Wars: Tesla Loses The Margin Crown
• Valuation metrics on Tesla
• Recent options trades on Tesla
• Seeking Alpha's Quant Rating for Tesla

For further details see: